The BISYS Group Inc has extended the closing date for the sale of its Information Services Group to Open Solutions Inc.
The two companies have reached an agreement to amended the original Stock Purchase Agreement, dated 15 September 2005, extending the completion date for the sale from February 28, 2006 to on or before March 8, 2006. BISYS has recently completed its audit of the Information Services group, which was a prerequisite for Open Solutions' completion of the financing.
Background notes: The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that enable investment firms, insurance companies, and banks to more efficiently serve their customers, grow their businesses, and respond to evolving regulatory requirements. Its Investment Services group provides administration and distribution services for mutual funds, hedge funds, private equity funds, retirement plans and other investment products. Through its Insurance Services group, BISYS is the USA's largest independent wholesale distributor of life insurance and a leading independent wholesale distributor of commercial property/casualty insurance, long-term care, disability, and annuity products. BISYS' Information Services group provides industry-leading information processing, imaging, and back-office services to banks, insurance companies and corporate clients. Headquartered in New Jersey, BISYS generates more than USD 1 billion in annual revenues worldwide.
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